WASHINGTON (6/3/13)--The Consumer Financial Protection Bureau (CFPB) announced Friday that it has expanded its Consumer Complaint Database to include state-by-state information and also has added complaints about money transfers and credit reporting to the database.
"This data puts valuable information in the hands of consumers to help them understand what is happening in their states," said CFPB Director Richard Cordray. "And by adding credit reporting and money transfer complaints to the Consumer Complaint Database, we are making these important markets more transparent and accountable to all consumers."
The CFPB said its database has gone from logging nearly 90,000 complaints on credit cards, mortgages, student loans, bank accounts and services, and other consumer loans, like auto loans in March to 113,000 complaints today. The live database updates nightly.
While credit unions are not likely be the subject of a sizable number of consumer complaints, the Credit Union National Association has expressed concern that the public data release could have unintended consequences and has worked with the bureau to address concerns.
CUNA has warned that sensitive or confidential business or consumer information could be inadvertently disclosed when consumer complaints are filed in the database. "The bureau should take steps to minimize privacy risks and other unintended consequences," CUNA has said in a series of comment letters.
Regarding the ability to sort information by state, the CFPB said it will add a new field to every complaint to identify the state from which it came. The state designation will be in addition to the five-digit ZIP code information that consumer complainant have always been able to include.
Also on Friday, the CFPB said it was adding more than 6,000 credit reporting complaints to the database and will continue to will add new complaints as they come in and are processed. The CFPB began taking credit reporting complaints in October 2012.
Money transfers were the latest category of complaints that the CFPB began accepting and that happened in April; they now also are being updated to the Consumer Complaint Database. Money transfer complaints include domestic or international wire transfers.
For more on the CFPB announcement, use the resource link below.